CNA Sees Pre-Tax Losses of Up to $350 Million

September 24, 2001

Chicago-based CNA Financial Corp., the No. 2 U.S. business insurer, said its losses from the Sept. 11 attacks on the World Trade Center and the Pentagon could reach $350 million on a pre-tax basis.

CNA said the projected losses are preliminary estimates, and noted that its financial condition “could be materially adversely affected” by its exposure to the costs of the attack, according to reports by Reuters. Specifically, CNA said its management currently believes the firm’s potential pre-tax exposure could be in the range of $200 million to $350 million, while its after-tax costs, net of anticipated reinsurance recoveries, could come in at $130 million to $230 million.

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